KUALA LUMPUR (May 7): Scan Associates Bhd who was queried by Bursa Malaysia earlier today on the sharp fall in its share price and the high trade volume in its company's shares recently, said it has no knowledge of the reason behind either development.

In a reply to Bursa Malaysia this evening, Scan said it is not aware of any corporate development relating to its business and affairs that has not been previously announced, that may account for the trading activity, including those in stages of negotiation.

It also denied knowledge of any rumour or report or any other possible explanation that may account for the unusual market activity (UMA).

“The board of directors of Scan wishes to confirm that the company is in compliance with Rule 9.03 of the Listing Requirements of Bursa Securities on immediate disclosure obligations,” it added.

For the financial year ended Dec 31, 2014 (FY14), Scan's net loss had widened to RM7.1 million, from a net loss of RM2.63 million a year earlier. Revenue was down by more than half to RM11.86 million, from RM25.14 million.

Its counter closed unchanged today at 7 sen, for a market capitalisation of RM14 million. Scan shares had declined about 35% this year, underperforming the FBM KLCI's 3% gain.

Year-to-date, it had declined 41.66%, underperforming the FBM KLCI's 3.47% gain.